As part of the process changes in February, the Society will also begin issuing binding offers with a 10-day reflection period from the date of issue. Customers will be able to opt out of the reflection period by completing and returning their binding offer within this period.
If a signed acceptance of the current offer is received before 20 March, the completion will proceed under the current regulations, but later applications will fall under the MCD.
The Mansfield said it would monitor all cases individually, and Mortgage Credit Directive project manager, David Charlton, said that whilst developments are in advanced stages, the overall experience of customers and brokers remains a high priority.
Charlton added: “We have already made great strides in assessing the needs of the new regulatory environment and are on course to implement the necessary changes ahead of the 21 March deadline. We’re now giving our brokers notice of what key changes they can start to expect.”
Mansfield wrote £34m of mortgage completions in H1 2015, up 49% on the year before, which helped the mutual achieve a 4% growth in net mortgage assets over the period.
